PATTAYA, Thailand – Gold prices are set to climb this week as weak U.S. economic data and geopolitical tensions drive investors toward safe-haven assets, according to Nattawut Wongyaowarak, Research Director at Globlex Securities.
Recent reports from the U.S. Department of Labor showed initial jobless claims fell by 6,000 to 216,000 last week, below analysts’ expectations of 226,000, intensifying speculation that the Federal Reserve could cut interest rates in December. J.P. Morgan now forecasts a 0.25% rate reduction this month, earlier than the previously expected January 2026 adjustment. Comments from key Fed officials suggesting an accelerated rate cut have further strengthened market expectations, providing additional support for gold prices.
Geopolitical tensions also continue to bolster gold’s safe-haven appeal. Strained diplomatic relations between China and Japan persist, while the Russia-Ukraine conflict remains volatile. Despite ongoing peace negotiations, Russia has launched attacks on Kyiv, and Ukraine has retaliated by striking Russian oil tankers. Yuri Ushakov, foreign policy advisor to Russian President Vladimir Putin, indicated that Russia has reviewed the latest U.S. proposals to end the war, accepting some points while leaving others for further discussion.
Market uncertainty has further intensified following reports that Kevin Hassett, former director of the National Economic Council under U.S. President Donald Trump, is a frontrunner to succeed Jerome Powell as Fed Chair. Investors worry this could undermine the Fed’s policy independence, enhancing gold’s appeal as a safe-haven asset.
Globlex Research has set a weekly gold price range of $4,110–4,315 per ounce and recommends investors consider buying on dips to accumulate positions.
